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Changing GTA Resale Housing Market Reflects Economic Times0 A) M a0 i2 Q+ [
$ T: I2 j6 w* Z) o: Q& PTORONTO, October 17, 2008 - Activity in the Greater Toronto Area resale housing market
0 ?3 n" l4 `- L5 B9 D& g" B1 ^3 fmoderated considerably during the first half of October with 2,700 homes changing hands,
6 b9 G8 J$ Z2 ?' z( f4 x! W, `Toronto Real Estate Board President Maureen O’Neill announced today.# b' R% O. w3 m. d
Sales volumes in the GTA decreased 18 per cent compared to the first half of October 2007,
( n' H6 S5 k, ^( U( _when 3,297 transactions were recorded and are down 10 per cent compared to the same period( `, K; S* R* ]% k
in 2006 when 3,007 sales took place.
* |0 E, W- A- \, oIn the City of Toronto 1,140 sales took place in the first half of this month. This represents a 21
4 J2 o% \& j6 M/ _# c/ Aper cent decline from the 1,446 sales that took place in the same period a year ago and a 13 per; y; N5 v: j/ L
cent decrease from the 1,312 transactions recorded in the first half of October 2006.5 i& q8 g1 x! O7 I
In the 905 Region there were 1,560 sales in the first two weeks of this month, a 16 per cent
3 y" a! Q% I- r- Z: sdecrease from the 1,851 transactions that took place during the same timeframe in 2007 and
, k7 w( ?5 x6 ?, N- q4 J% sdown eight per cent from the 1,695 homes sold during the first half of October 2006.
! }/ ^" Y: N& E9 I: }9 ]House prices declined throughout the GTA during the first half of the month. The average price
' {; |6 Y# r6 Z7 n' \8 Lof a GTA home is currently $353,772, down 11 per cent from $399,013 recorded the comparable7 M7 W6 P& W+ ?9 f% E+ J
period in 2007.5 ]* R( |/ M, z: {! |4 R2 i9 d
In the City of Toronto the current average price $375,804, a 15 per cent decrease from the8 ?7 Z; q! u5 ~6 F, |9 I/ ?* b
$441,878 average recorded at mid-October 2007.
4 J( F# \7 Y. q8 N3 F. ], r& E3 k0 Y \In the 905 Region the average price of a home is currently $337,671. This represents an eight
) n0 v% _3 m* o: h2 T4 r# yper cent decline from the $365,527 average recorded during the first half of October 2007.
% t+ x. M( I z* W0 LWith 27,559 properties currently listed on the TorontoMLS system, there is now 30 per cent
. b! a% D& |; B" ~! Rmore available stock from which to choose as compared to a year ago when 21,182 homes were: ]/ b/ o$ {+ f6 G
listed.8 B8 N& o. ?$ b7 |, t
“More choice can mean slightly longer wait times for sellers whose homes are now on average,3 G3 I: B# v7 ~& n. M* y7 F1 J
selling after 34 days on the market as compared to 29 days a year ago,” said Ms. O’Neill. “The
$ Z& g" d7 O8 M5 p- G% elist to sales ratio is 97 per cent of the list price.” |
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